Joining PayPal's investment portfolio alongside Monese, Raisin and Tink.
“More digital businesses are looking to incorporate payments into their existing user experience but either don’t have the expertise or the resources,” said PayPal Ventures partner Anil Hansjee.
“Modulr is well-positioned to be an enabler of this trend and will undoubtedly expand end-users’ access to fast, reliable and secure financial services.”
In September Modulr became the first non-bank to offer Confirmation of Payee through the Pay.UK anti-fraud scheme, and secured a European electronic money institution licence through its Central Bank of Ireland partnership in October.
To date Modulr has now raised £63.3m from investors including Highland Europe, Frog Capital and Blenheim Chalcot.
“Modulr lowers the barriers to bringing payments into a platform, creating endless new possibilities for our customers while allowing them to focus on their core competencies. The investment from PayPal Ventures enhances our ability to execute on that vision.”